Cloud Computing is the practice of sharing a network of remote servers which are hosted on the Internet to store, process, and manage data rather than on a local server or a personal computer. It specifically refers to a common storage space through which all the devices in the network can access data simultaneously. The use of Cloud computing technology not only gives cost benefits but also makes applications accessible to all devices in the network at any time and from any location.

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The major driver for the growth of the global cloud computing services market is its cost-effective services. It has been estimated that an organization can save more than 35% of the annual cost by adopting cloud computing technology.

However, data security is the key restraint for the growth of the cloud computing services market as organizations believe that their data is more secure in the in-house data centers rather than on a virtual cloud network. Especially, the small and medium scale organizations are more skeptical about cloud technology, which leads to the low adoption rate of the technology. The biggest challenge for the growth in the adoption rate of the cloud computing technology is to increase the awareness about its security aspects.

The giants involved in the most promising cloud computing services market can be listed as Amazon Web Services, Akamai Technologies, Cisco Systems, Google Inc., IBM Corp, Hewlett Packet, Dell, Microsoft Corp., VM-Ware and Yahoo Inc.

The major services provided by cloud computing technology are Infrastructure as a Service (IaaS), Platform as a Service (PaaS), and Software as a Service (SaaS). IaaS is the most basic cloud computing model which provides physical or virtual machines and other resources. PaaS cloud providers deliver a computing platform such as an operating system. Finally, SaaS cloud provides access to application software and databases.

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The cloud computing technologies are of different types, namely Private cloud, Public cloud, Hybrid Cloud and community cloud. Private clouds cannot be accessed by anyone other than the authorized person and are the ones used by organizations for their personal information records. Public cloud can be accessible to all the devices using a virtual cloud. Hybrid cloud is the combination of Private and Public cloud.

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